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Pedro Teles is a Full Professor at Catolica-Lisbon SBE. He is also an Advisor at the Bank of Portugal and a Research Fellow at the CEPR. He completed his PhD in Economics at The University of Chicago and his undergraduate degree at UCP. He was a Senior Economist in the Research Department at the Federal Reserve Bank of Chicago between 2001 and 2004, and has taught in the Ph.D. programs at Universitat Pompeu Fabra and University College London. His work has been published in American Economic Review, Review of Economic Studies, Journal of Economic Theory, Journal of Political Economy, Journal of Monetary Economics, Economic journal.
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Identification

Personal identification

Full name
Pedro Miguel Pinho Teles

Citation names

  • Teles, Pedro

Author identifiers

Ciência ID
E319-3F85-A310
ORCID iD
0000-0002-1352-4917

Languages

Language Speaking Reading Writing Listening Peer-review
English Advanced (C1) Advanced (C1) Advanced (C1) Advanced (C1)
English Advanced (C1) Advanced (C1) Advanced (C1) Advanced (C1)
Italian Intermediate (B1) Advanced (C1) Beginner (A1) Intermediate (B1)
Italian Intermediate (B1) Advanced (C1) Beginner (A1) Intermediate (B1)
Spanish; Castilian Intermediate (B1) Advanced (C1) Beginner (A1) Intermediate (B1)
Spanish; Castilian Intermediate (B1) Advanced (C1) Beginner (A1) Intermediate (B1)
French Intermediate (B1) Advanced (C1) Beginner (A1) Intermediate (B1)
Education
Degree Classification
1993
Concluded
 Ph.D. in Economics (Doutoramento)
The University of Chicago, United States
"Strategic Policy Choice in a Monetary Union" (THESIS/DISSERTATION)
 N/A
1987
Concluded
 Economics (Postgraduate Certificate)
The University of Chicago, United States
 N/A
1985
Concluded
 Economia (Licenciatura)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
 17 valores
Affiliation

Science

Category
Host institution 		Employer
2010 - Current Principal Investigator (Research) Banco de Portugal, Portugal

Teaching in Higher Education

Category
Host institution 		Employer
2012 - Current Full Professor (University Teacher) Universidade Católica Portuguesa Faculdade de Economia e Gestão, Portugal

Other Careers

Category
Host institution 		Employer
2001/10/01 - 2004/12/31 Técnico Superior (Técnico Superior) Federal Reserve Bank of Chicago, United States
Federal Reserve Bank of Chicago, United States
Projects

Grant

Designation Funders
2015/06 - 2018/05 A Dynamic Economic and Monetary Union
649396
 Horizon 2020 Framework Programme
2013/06 - 2015/12 On the relevance of the zero bound on interest rates for fiscal and monetary policy
grant.Provided by PTCRIS: 131856
 Fundação para a Ciência e a Tecnologia
2011/01 - 2014/01 Financial fragility and optimal policy
grant.Provided by PTCRIS: 111484
 Fundação para a Ciência e a Tecnologia

Contract

Designation Funders
2018/08/26 - 2022/08/25 Rethinking Fiscal Policy in the Global Economy
PTDC/EGE-ECO/28596/2017
Principal investigator
Universidade Católica Portuguesa Faculdade de Economia e Gestão, Portugal

Universidade Católica Portuguesa, Portugal
Fundação para a Ciência e a Tecnologia
Ongoing
2019/01/01 - 2019/12/31 Católica Lisbon Unidade de Investigação em Gestão e Economia
UID/GES/00407/2019
Universidade Católica Portuguesa, Portugal

Universidade Católica Portuguesa Unidade de Investigação em Gestão e Economia, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2015/06/01 - 2018/05/31 A Dynamic Economic and Monetary Union (ADEMU)
Program under grant agreement N° 649396
Researcher
European University Institute, Italy
 European Commission
Concluded
2013/06/28 - 2015/12/27 A relevância da restrição de não negatividade da taxa de juro para a política fiscal e monetária
PTDC/IIM-ECO/4811/2012
Universidade Católica Portuguesa, Portugal

Universidade Católica Portuguesa Unidade de Investigação em Gestão e Economia, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2011/01/03 - 2014/01/02 Fragilidade financeira e política óptima
PTDC/EGE-ECO/111484/2009
Universidade Católica Portuguesa, Portugal

Universidade Católica Portuguesa Unidade de Investigação em Gestão e Economia, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2011/01/01 - 2012/12/31 Projecto Estratégico - UI 407 - 2011-2012
PEst-OE/EGE/UI0407/2011
Universidade Católica Portuguesa, Portugal

Universidade Católica Portuguesa Unidade de Investigação em Gestão e Economia, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2007/01 - 2009/10 Instruments of Monetary Policy
grant.Provided by PTCRIS: 82632
Researcher
Fundação para a Ciência e a Tecnologia
Concluded
2005/06/01 - 2007/12/31 Instrumentos de Politica Monetaria
POCI/EGE/60142/2004
Universidade Católica Portuguesa, Portugal

Universidade Católica Portuguesa Unidade de Investigação em Gestão e Economia, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2005/06 - 2007/12 Instruments of Monetary Policy
grant.Provided by PTCRIS: 60142
Researcher
Fundação para a Ciência e a Tecnologia
Concluded
Outputs

Publications

Journal article
  1. Ayres, Joao; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro. "Self-Fulfilling Debt Crises with Long Stagnations". Journal of Political Economy (2025):
  2. Teles, Pedro; Tristani, Oreste. "The monetary financing of a large fiscal shock". Journal of Monetary Economics 147 (2024): 103630. https://doi.org/10.1016/j.jmoneco.2024.103630.
    10.1016/j.jmoneco.2024.103630
  3. Chari, V. V.; Nicolini, Juan Pablo; Teles, Pedro. "Optimal Cooperative Taxation in the Global Economy". Journal of Political Economy 131 1 (2023): 95-130. http://dx.doi.org/10.1086/720889.
    10.1086/720889
  4. João Valle e Azevedo; João Ritto; Pedro Teles. "The Neutrality of Nominal Rates: How Long is the Long Run?". International Economic Review 63 4 (2022): 1745-1777. https://ciencia.ucp.pt/en/publications/dde9d212-81b4-4aac-ad1d-093e6aa2295e.
    Accepted • 10.1111/iere.12584
  5. Guerreiro, Joao; Rebelo, Sergio; Teles, Pedro. "Should Robots Be Taxed?". The Review of Economic Studies 89 1 (2021): 279-311. http://dx.doi.org/10.1093/restud/rdab019.
    Published • 10.1093/restud/rdab019
  6. Isabel Correia; Fiorella de Fiore; Pedro Teles; Oreste Tristani. "Credit subsidies". Journal of Monetary Economics 118 (2021): 2-14. https://ciencia.ucp.pt/en/publications/e33c739c-9d3e-41ba-b115-c6a9ed449ff5.
    10.1016/j.jmoneco.2018.12.002
  7. V. V. Chari; Juan Pablo Nicolini; Pedro Teles. "Optimal capital taxation revisited". Journal of Monetary Economics 116 (2020): 147-165. https://ciencia.ucp.pt/en/publications/a9a8fe36-06f5-4879-904c-affe07ba23da.
    10.1016/j.jmoneco.2019.09.015
  8. Joao Guerreiro; Sergio Rebelo; Pedro Teles. "What is the optimal immigration policy? Migration, jobs, and welfare". Journal of Monetary Economics 113 (2020): 61-87. https://ciencia.ucp.pt/en/publications/70ee539d-2307-4ed9-85e0-9f8db4d32870.
    10.1016/j.jmoneco.2020.04.009
  9. "Sovereign default: the role of expectations". Journal of Economic Theory 175 (2018): 803-812. https://ciencia.ucp.pt/en/publications/4d7eac8f-4045-49bc-b57c-7140fa7be8fc.
    10.1016/j.jet.2018.02.006
  10. Pedro Teles. "Comments on monitoring money for price stability, by C. Hevia and J. P. Nicolini". Journal of Economic Dynamics and Control 89 (2018): 64-67. https://ciencia.ucp.pt/en/publications/19bea3e7-8d27-4fd5-b0dd-3c0e9afdf3e8.
    10.1016/j.jedc.2018.01.039
  11. Teles, P.; Uhlig, H.; Valle e Azevedo, J.. "Is Quantity Theory Still Alive?". Economic Journal 126 591 (2016): 442-464. http://www.scopus.com/inward/record.url?eid=2-s2.0-84959348404&partnerID=MN8TOARS.
    10.1111/ecoj.12336
  12. Adão, B.; Correia, I.; Teles, P.. "Short and long interest rate targets". Journal of Monetary Economics 66 (2014): 95-107. http://www.scopus.com/inward/record.url?eid=2-s2.0-84905181438&partnerID=MN8TOARS.
    10.1016/j.jmoneco.2014.03.005
  13. Correia, I.; Farhi, E.; Nicolini, J.P.; Teles, P.. "Unconventional fiscal policy at the zero bound". American Economic Review 103 4 (2013): 1172-1211. http://www.scopus.com/inward/record.url?eid=2-s2.0-84879150159&partnerID=MN8TOARS.
    10.1257/aer.103.4.1172
  14. Marimon, R.; Nicolini, J.P.; Teles, P.. "Money is an experience good: Competition and trust in the private provision of money". Journal of Monetary Economics 59 8 (2012): 815-825. http://www.scopus.com/inward/record.url?eid=2-s2.0-84870437748&partnerID=MN8TOARS.
    10.1016/j.jmoneco.2012.10.006
  15. Fiore, F.; Teles, P.; Tristani, O.. "Monetary policy and the financing of firms". American Economic Journal: Macroeconomics 3 4 (2011): 112-142. http://www.scopus.com/inward/record.url?eid=2-s2.0-80053897619&partnerID=MN8TOARS.
    10.1257/mac.3.4.112
  16. Adão, B.; Correia, I.; Teles, P.. "Unique monetary equilibria with interest rate rules". Review of Economic Dynamics 14 3 (2011): 432-442. http://www.scopus.com/inward/record.url?eid=2-s2.0-79956350631&partnerID=MN8TOARS.
    10.1016/j.red.2009.11.003
  17. Adao, B.; Correia, I.; Teles, P.. "Wage and price rigidity in a monetary union". Open Economies Review 21 1 (2010): 109-126. http://www.scopus.com/inward/record.url?eid=2-s2.0-77949278381&partnerID=MN8TOARS.
    10.1007/s11079-009-9156-2
  18. Adao, B.; Correia, I.; Teles, P.. "On the relevance of exchange rate regimes for stabilization policy". Journal of Economic Theory 144 4 (2009): 1468-1488. http://www.scopus.com/inward/record.url?eid=2-s2.0-67649385984&partnerID=MN8TOARS.
    10.1016/j.jet.2009.02.005
  19. Díaz-Giménez, J.; Giovannetti, G.; Marimon, R.; Teles, P.. "Nominal debt as a burden on monetary policy". Review of Economic Dynamics 11 3 (2008): 493-514. http://www.scopus.com/inward/record.url?eid=2-s2.0-44649132125&partnerID=MN8TOARS.
    10.1016/j.red.2007.11.002
  20. Correia, I.; Nicolini, J.P.; Teles, P.. "Optimal fiscal and monetary policy: Equivalence results". Journal of Political Economy 116 1 (2008): 141-170. http://www.scopus.com/inward/record.url?eid=2-s2.0-41249102440&partnerID=MN8TOARS.
    10.1086/533504
  21. Adao, B.; Correia, I.; Teles, P.. "The monetary transmission mechanism: Is it relevant for policy?". Journal of the European Economic Association 2 2-3 (2004): 310-319. http://www.scopus.com/inward/record.url?eid=2-s2.0-38949194065&partnerID=MN8TOARS.
    10.1162/154247604323068014
  22. Marimon, R.; Nicolini, J.P.; Teles, P.. "Inside-outside money competition". Journal of Monetary Economics 50 8 (2003): 1701-1718. http://www.scopus.com/inward/record.url?eid=2-s2.0-0344873678&partnerID=MN8TOARS.
    10.1016/j.jmoneco.2003.08.009
  23. Adao, B.; Correia, I.; Teles, P.. "Gaps and triangles". Review of Economic Studies 70 4 (2003): 699-713. http://www.scopus.com/inward/record.url?eid=2-s2.0-0142153663&partnerID=MN8TOARS.
    10.1111/1467-937X.00263
  24. De Fiore, F.; Teles, P.. "The optimal mix of taxes on money, consumption and income". Journal of Monetary Economics 50 4 (2003): 871-887. http://www.scopus.com/inward/record.url?eid=2-s2.0-0038243092&partnerID=MN8TOARS.
    10.1016/S0304-3932(03)00034-5
  25. Correia, I.; Teles, P.. "The Optimal Inflation Tax". Review of Economic Dynamics 2 2 (1999): 325-346. http://www.scopus.com/inward/record.url?eid=2-s2.0-0006657890&partnerID=MN8TOARS.
    10.1006/redy.1998.0040
  26. Correia, I.; Teles, P.. "Is the Friedman rule optimal when money is an intermediate good?". Journal of Monetary Economics 38 2 (1996): 223-244. http://www.scopus.com/inward/record.url?eid=2-s2.0-0030268425&partnerID=MN8TOARS.
    10.1016/S0304-3932(96)01276-7
  27. Francisco Torres; Pedro Teles. "O Desvio Deflacionista na Ausência de Cooperação Internacional em Contexto de Incerteza". Economia 10 2 (1986): 278-293. https://ciencia.ucp.pt/en/publications/dfb2fb6c-0c69-4b84-b2b1-20fb8e2b1409.
    10.34632/economia.1986.17392
Working paper
  1. V. V. Chari; Juan Pablo Nicolini; Pedro Teles. 2022. "Optimal cooperative taxation in the global economy". https://ciencia.ucp.pt/en/publications/6202e4e1-a28f-4645-91ab-ad6a2b5295fc.
    10.21034/sr.581